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DEFERRED COMPENSATION | 6 Months Ended
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Jun. 30, 2020
EMPLOYEE BENEFIT PLANS |
DEFERRED COMPENSATION | NOTE 13 – DEFERRED COMPENSATION The Company maintained a supplemental executive retirement plan (the SERP) for certain key executive officers. The SERP benefit payments were scheduled to be paid in equal monthly installments over 30 years. In June 2019, the Company approved termination of the SERP agreements, and a lump sum payment was made in June 2020 to each participant equal to the present value of any remaining installment payments. As of June 30, 2020, there was no remaining deferred compensation liability for the SERP. As of December 31, 2019, the deferred compensation liability for the SERP was $12,789,000. During the three months ended June 30, 2020 and 2019, the Company recognized deferred compensation expense for the SERP of $690,000 and $3,440,000, respectively. During the six months ended June 30, 2020 and 2019, the Company recognized deferred compensation expense for the SERP of $1,660,000 and $3,565,000, respectively.

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